Rio Tinto and Chinalco will be positioning their drills in Mainland China, the two companies announced today, in a new exploration joint venture to operate under the name Chinalco Rio Tinto Exploration Co. Ltd. (CRTX).
According to a press release issued by Rio Tinto, the primary focus of CRTX will be copper exploration, with coal and potash to be considered later.
A Conference Board of Canada report says high energy and metals prices "are prompting resource companies to invest billions in iron ore projects, nickel processing and offshore oil developments" in Newfoundland and Labrador, generating the largest growth in real GDP this year of all the Canadian provinces."
The board's Provincial Outlook - Spring 2011 report issued Wednesday also forecasts that Saskatchewan "will benefit from tax breaks and a hot mining industry."
Commodities trader Glencore's bumper public offering has increased interest in Hong Kong listings from across the mining sector and will prove a welcome boost to the bourse, a senior executive at the exchange said.
The world's largest diversified commodities trader is set to make its market debut in London and Hong Kong next week, in what could be a record listing, with Glencore [GLEN.UL] hoping to raise $11 billion.
FIRST BAUXITE CORP. (TSX VENTURE:FBX)(FRANKFURT:FBI)(BERLIN:FBI) ("First Bauxite" or the "Company") First Bauxite Corporation is announcing that the Letter of Understanding between the Company and Rio Tinto Mining and Exploration Ltd. ("Rio Tinto") was terminated on February 17, 2011 with immediate effect. On May 23, 2008, Rio Tinto Exploration signed a Letter of Understanding with First Bauxite Corporation, in order to form a four-year joint venture with the purpose of exploring the northern portion of the coastal bauxite belt of Guyana for economic metallurgical bauxite resources.
China's Zijin Mining Group Co Ltd said on Friday it would invest $100 million as a cornerstone investor in the initial public offering of commodities group Glencore.
The investment in the up to $11 billion IPO will be subject to a six-month lock up period, Zijin said in a filing to the Hong Kong bourse.
India-focused miner Vedanta Resources (VED.L) posted a 29 percent jump in full-year earnings per share, on the back of strong metal prices and a background of robust demand for commodities.
Vedanta, with operations in India, Australia and Zambia, said on Thursday basic EPS came in at 283 cents.
Rio Tinto , the world's third-largest miner, expects global markets to remain fragile in the near term and sees itself in a strong position to weather any turbulence, its chairman said on Thursday.
The company said that it expected little impact on demand for commodities following the earthquake and tsunami disasters in Japan, and said in the long run demand may increase as Japan moved to rebuild.